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SelfKey – CoinTiger AMA Recap

CoinTiger had listed KEY token recently and hosted an AMA session with Edmund Lowell. Here is a recap of the AMA.

19 Jan
2021
Sree
Key CoinTiger AMA
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CoinTiger had listed KEY token recently and hosted an AMA session with Edmund Lowell. Here is a recap of the AMA.

Session 1

Q1. What is SelfKey?

Edmund: SelfKey is a decentralized identity ecosystem.

You can download the SelfKey Identity wallet from https://selfkey.org/download which is free, open-source, and helps manage Ethereum assets and your identity, and “one click” signup for services like a bank account, or crypto loan.

One of the significant problems of the digital era is identity theft, and the root cause of identity theft could be attributed to the oversharing of personal data. The SelfKey wallet may help you keep your identity data safe.

If personally identifiable data of an individual/business is not handled with the utmost care it results in data breaches, which in turn result in loss of privacy.

SelfKey gives back control over user’s personal data, and makes it ‘self sovereign’.

The SelfKey identity ecosystem is comprised of primarily three components:

  • Identity Owners — Users or Businesses.
  • Relying Parties — Relying parties are entities whose services a user can utilize without oversharing and with complete control over the data.
  • Certifiers — Certifiers are independent third party notaries who verify the data of the user for utilizing the services offered by the relying parties.

More information can be found in the SelfKey whitepaper released in 2017: https://selfkey.org/whitepaper

Q2. What are the services on offer in the SelfKey Identity ecosystem?

Edmund: Users can utilize a variety of services offered by the relying parties through the SelfKey Marketplace like Incorporations, Opening Offshore Bank Accounts, Registering for centralized & decentralized Loan platforms, Cryptocurrency exchanges, etc…

Q3. What is the KEY token?

Edmund: The KEY token is the native token for the SelfKey identity ecosystem.

Users can pay using the KEY tokens to Relying Parties for availing services offered by them.

Similarly, users can also pay with KEY tokens to notarize their documents with the help of Certifiers in the ecosystem.

Q4. KEY token is based on which blockchain? How do you plan to scale things further via it?

Edmund: KEY is an ERC-20 token and runs on the Ethereum blockchain. In terms of scalability we have just started testing using the Polkadot network recently — and if it makes sense for the project and the community approves — we will consider migrating to a parachain.

Q5. What is the SelfKey Identity Wallet?

Edmund: SelfKey Identity Wallet is an ERC-20 Wallet and supports storing and transactions of all ERC-20 tokens.

The SelfKey Identity Wallet also helps users in storing their personal data and documents, with complete control over what is shared.

On top of that users can access and utilize the services offered by the relying parties in the SelfKey ecosystem through the SelfKey Identity Wallet.

The SelfKey Identity Wallet is a free identity solution for Windows, Linux and Mac. Get yours today!

Session 2 – Open Questions from Community

Q1. Which one of these aspects are important for you?

A. Increasing Token Price & Value
B. Empowering Platform Development
C. Building Community Trust
D. Expanding Partnership Globally

Edmund: C. Building community Trust. Community is exceptionally important to the project.

The project is quite decentralized and the efforts of the community are essential to project success. You can help us by spreading the word.

SelfKey might be the ideal wallet to share with friends or family as it can gently introduce them to crypto. Beyond this, the community can use the application and provide feedback through the ideas portal listed earlier.

Thank you for your effort!

Q2. Can we expect a fully working DeFi product of KEY by the end of 2021?

Edmund: SelfKey’s R&D team actually already developed and spun out an AI-powered DeFi aggregator platform — KeyFi.

You can actually use SelfKey tech to register an identity, and you can use KeyFi to aggregate and manage different DeFi assets as well as stake KEY.

Q3. What are the biggest challenges of KEY and what are the biggest strengths of KEY to overcome these challenges?

Edmund: Biggest challenge is we are trying to solve a huge problem in a gigantic market! Identity management and KYC are hugely important, “who owns my identity data’ might be the most important question of our time.

The biggest strength is a decentralized approach.

SelfKey does not own or control any user identity data, but merely provides the ‘digital rails’ for data to travel, and technology to minimize the data shared, and protect user privacy along the way.

In short, technology is the biggest strength in solving this problem. Blockchain is a natural fit for identity management and the decentralized technology SelfKey has built is the best choice to solve KYC /identity data problems as it’s inherently distributed, global, and user-controlled.

Q4. What are the main advantages of using SelfKey?

Edmund: Privacy of SelfKey users is of utmost priority.

All the services offered by the relying party can be utilized by a SelfKey user with the help of the SelfKey Identity Wallet.

Users can utilize their personal data and documents stored locally on the SelfKey Identity Wallet to get registered and use the variety of services offered by the relying parties through the SelfKey Marketplace.

The user has complete control over the data shared during the registration processes, which is an important element of Self Sovereign Identity

Q5. What are some of the major achievements that the KEY project has achieved and what milestones are planned in the upcoming months/years?

Edmund: SelfKey has developed the SelfKey Marketplace, which helps users to utilize a variety of services like offshore banking, incorporations, registering for loan platforms, etc. without over-sharing their personal data.

SelfKey has also developed a Certifiers Platform which is the third component of the SelfKey identity ecosystem.

Using the Certifiers Platform users can utilize the help of real-world notaries to get their personal documents notarized for a standard fee.

SelfKey wallet is open source, free, and can be downloaded immediately at https://selfkey.org/download.

For future features and suggestions, please vote on ideas at idea.selfkey.org → your effort as a community member is vital to the project’s success.